Lotte Duty Free to foray into Japanese market

Lotte Duty Free is all set to foray into Japanese market with its first outlet, as part of its global expansion.

The retailer's first shop in the country will be located inside Kansai International airport and will house all Korean cosmetics brands which have become increasingly popular among Chinese tourists.

The new outlet will be the first Korean duty-free shop in a Japanese airport, where the number of international passengers reached a record five million in 2013, driven by the weak Japanese yen and increased number of budget airlines.

Lotte spokesperson told Yonhap News that the store is expected to be open by September.

"Lotte Duty Free Shop and Kansai Airport Agency will co-operate a store at Kansai International airport, with the store opening scheduled for September 4," he said.

Lotte has seven duty-free stores in Korea and four abroad in Guam, Indonesia and Singapore.

This latest development follows the recent announcement by Japanese government that it intends to double the number of tax-free shops in the country to around 10,000 by 2020 in time for the Tokyo Olympic and Paralympic games.